The red down arrow that is playing out in the price has been there for a week now and has not been changed. See tweet here:
"Staying patient with the #bitcoin shorts, environment still , big resistance here at $255-260 $BTCUSD"
and the follow up tweet here:
"Patience is starting to pay off on shorts, watch the 50d & , looking for $200 by end of month $BTCUSD #bitcoin"
The small head-fake out of the base hit the 50-day moving average and that was it. (Yes it's a little off due to trading view missing an important downward candle around April 23rd). This once again shows the importance of this daily average.
We are sitting right on the age now. New lows were made but we need to close under $230 for some real downside to set in. On the Hourly charts $223 had been critical in the past but I do not expect it to hold this time. There is plenty of room on the momentum indicators so $200 is a real possibility by end of month before things start looking oversold.
Long term view for Bitcoin is definitely positive but for now the charts are saying down. Have to call em like I see em.
Good luck traders.
Follow on Twitter @Tone_LLT
Will also look to start posting more updates at the blog LibertyLifeTrail.com
And at my new affiliation with BraveNewCoin.com (big announcements coming soon)
Upcoming public appearances:
Speaking at NYC Conf: http://insidebitcoins.com/new-york/2015
Speaking at HK Conf: http://insidebitcoins.com/hong-kong/2015